Shell’s Q3 results reflect Arctic hit

Shell rig leaving Dutch Harbor this month. Photo: John Ryan/KUCB.
Royal Dutch Shell has announced its quarterly financial results and they’re not good.
“Shell’s current cost of supply earnings for the quarter were a loss of $6 billion,” Shell CFO Simon Henry said at the top of a video summarizing the third quarter.
Adjusted for changes in inventory and one-time items, earnings dropped 70 percent from a year prior. The company wrote off some $8 billion, including about $2.